Monday, March 28, 2011

Hearst completes 651€ Lagardere deal today, brings on new CFO for Hearst Magazines International division

These are heady times at Hearst Magazines as the company completed the deal today with Lagardere, getting the French media group to sign the final contract with the publisher to sell it stable of magazines for 651€ (just over $917 million).
"Having conducted the requisite information procedure with the Lagardere group workers' councils in certain jurisdictions pursuant to the relevant regulatory requirements, Lagardere SCA has today signed the share purchase agreement for the sale of its international magazine business to Hearst Corporation," it said in a statement.

The international division, not surprisingly, needed to staff up and today Hearst Magazines International president and CEO Duncan Edwards announced that Simon Horne has been appointed chief financial officer, general manager and senior vice president.

"Simon is an outstanding CFO and an experienced general manager in the international media business," Edwards said in the statement announcing the hire. "I am delighted that we are able to draw from our own strong pool of talent for this important role as we anticipate the acquisition and integration of new businesses."

Horne previously has been with Harcourt Publishers International and The National Magazine Company where he served as CFO.